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Eight years after the global financial crisis and years after the U.S. and British central banks stopped their quantitative easing bond-buying programmes, the amount of QE stimulus being pumped into the world financial system has never been higher.

The European Central Bank and Bank of Japan are buying around $180 billion of assets a month, according to Deutsche Bank, a larger global total than at any point since 2009, even when the Federal Reserve's QE programme was in full flow.

And if market consensus proves accurate, that total is about to rise by billions more -- with the ECB, BOJ and even Bank of England all expected to expand their QE programmes soon to try and bolster fragile growth and lift stubbornly low inflation.

What could possible go wrong with all this stimulus, the weakest recovery in modern history and more free money than ever before as central banks exchange bank credit money for central bank credit money....